The African Energy Chamber strongly supports the move taken by Equatorial Guinea to optimize its gas market through the introduction of compressed natural gas-powered vehicles.
Esaal, an online health and wellness consultation platform for patients in the Middle East and North Africa (MENA), has wrapped a $1.7 million seed funding round.
The International Islamic Trade Finance Corporation (ITFC) will grant a $3 billion envelope to Egypt to enable it, among other things, to make its wheat purchases in a context of rising grain prices
[Egypt] OneWeb and Benya Group collaborate to provide connectivity services in the Middle East and Africa
Leading digital solutions and ICT infrastructure provider Benya Group announces the signing of a MoU with OneWeb and the joint venture entity formed between OneWeb and NEOM to explore the distribution of connectivity services across the MEA region
Sokin expands payments partnership with Mastercard to connect consumers in 39 new markets to payments services that are more open and transparent, removing the barriers that have historically hindered access and financial inclusion.
BG International Limited a subsidiary of Shell plc. signed a Farm Out Agreement with ExxonMobil Egypt to acquire a 100 percent stake in the ExxonMobil-operated north-eastern El-Amriya Offshore Area in the Mediterranean Sea, which is also known as Block 3
Benya Group announced a strategic partnership agreement to develop its business with R&M, a global leader in cables and integrated communications solutions, as part of its internal and external expansion plan.
B.TECH signed a memorandum of understanding with Fawry to expand the Partnership between the two companies and provide more services to their customers to avail easier access to finance.
Schneider Electric signs a memorandum of understanding (MoU) with Tatweer Misr to integrate technological innovation, starting from the design till the smart management phase of the project.
Six African countries have joined forces to launch the Africa Green Hydrogen Alliance to collectively scale-up investment and development across the continent’s burgeoning green hydrogen landscape.
Vodacom sees huge growth opportunity in both mobile financial services and the enterprise market in adding Egypt to its portfolio through acquisition of a controlling stake in Vodafone Egypt.
Egypt wants to leverage digital tools for its socio-economic development. For that purpose, it can rely on its multiple foreign partners, who will help build the infrastructure required.
The fund is launched in addition to HSBC Roar program to help women entrepreneurs address business challenges. For that purpose, it will provide funds and technical support.
BG International Limited., a subsidiary of Shell signed a Farm Out Agreement (FOA) with ExxonMobil Egypt (Upstream) Limited to acquire a 100% stake in the ExxonMobil-operated North East El-Amriya Offshore Area.
SDX Energy, the MENA-focused energy company, announced the spudding of the MSD-24 infill development well on the Meseda field located in the West Gharib concession in the Egyptian Eastern Desert.
Premier multi-gaming organization and lifestyle brand Bravado Gaming has announced its entry into the MEA gaming industry as part of its global expansion strategy aimed at consolidating its regional fanbase and exposing local gamers to its revamped gaming experience.
A consortium of investors made up of Amethis, the European Bank for Reconstruction and Development (EBRD) and SPE AIF I, LP (SPE Capital) has acquired a majority stake in GlobalCorp, a non-banking financial services company in Egypt.
Carrefour, owned and operated by Majid Al Futtaim in Egypt, has announced the opening of its first Gourmet store in the region.
Egyptian Company for Tracking Services (ETIT) has announced collaboration with Zoomcar, the largest car sharing marketplace covering emerging markets, according to which, Zoomcar fleet will obtain a number of tracking devices.
Amazon is giving customers in Egypt access to buy now, pay later (BNPL) thanks to a consumer financing offering from valU Consumer Finance.
Egypt’s marketing company Marvel Real Estate intends to launch first edition of Egyptian Property Market (EPM) EXPO on 19 May.
Amazon, le groupe de commerce en ligne américain, a acquis des certificats de dépôt globaux du groupe financier égyptien EFG Hermes, pour une valeur totale de 10 millions $
Egypt wants to revive its automotive industry whose production has been dropping constantly since 2009-2010. In that regard, it developed a national program, which will greatly benefit from the announced plan.
Afreximbank has announced the appointment of Ms. Marlene Ngoyi as the Chief Executive Officer of the Fund for Export-Development in Africa (FEDA), the Bank’s development-oriented subsidiary. Mr. Emmanuel Assiak has been appointed Chief Investment Officer.
L’Egypte est prête à accompagner la Côte d’Ivoire dans sa volonté d’améliorer la performance de sa filière aquacole et renforcer l’offre en poissons sur le marché intérieur.
Cloud Kitchen Softwares are helping MENA restaurants optimize costs, expand and reach.
Egyptian last-mile delivery firm Mylerz raises $9.6 million to expand logistics solutions in North Africa
Mylerz’s proprietary logistics management technology allows it to deliver e-commerce products to customers in city centers in as fast as same-day delivery.
Apex International Energy announced that the Fajr-8 development well was tested at a daily rate of 2,440 barrels of oil and negligible water.
Afreximbank is delighted to announce its receipt of the award for Best Multilateral Development Bank at the Trade Finance Global (TFG) 2022 International Trade Awards.
SODIC, a leading real estate developer in Egypt, opens a Civil Registry Office with Premium Services at The Strip in SODIC West.
Marking the first-ever portfolio merger of two venture builders in the region, CE-Creates, the business incubation platform of Crescent Enterprises, has completed the merger of its portfolio of startups with hatch & boost.
The Central Bank of Egypt has announced setting up EgyCash company for technological solutions of monetary dealing.
Sarwa Capital, Egypt’s consumer and structured financial services provider, has successfully closed its inaugural Sukuk issuance by Sarwa Sukuk Company; a subsidiary of Sarwa Capital, of $159.8 million.
IFC announced an investment in an Egyptian private equity fund to help improve access to capital for small- and medium-sized companies in the country, supporting their resilience, growth, and ability to create jobs.
The European Investment Bank (EIB) signed a commitment of $22 million with LCP FUND II COÖPERATIEF U.A., a generalist private equity fund targeting primarily growth capital investments in SMEs and mid-market companies in Egypt.
The European Bank for Reconstruction and Development (EBRD) is boosting the resilience of the financial sector in Egypt and supporting equity financing to small and medium-sized businesses by investing up to $50 million in LCP Fund II.
In an attempt to diversify its debt portfolio, Egypt Finance Ministry is getting ready to issue the country's first sovereign green bonds in the Middle East and North Africa (MENA) region.
Fitch Ratings has affirmed National Bank of Egypt's (NBE) Long-Term Issuer Default Rating (IDR) at B+ with a Stable Outlook; it has also affirmed NBE's Viability Rating (VR) at b+ and removed it from Rating Watch Negative (RWN).
Global credit rating agency AM Best has affirmed the Financial Strength Rating of B++, Good, and the Long-Term Issuer Credit Rating of “bbb+” of gig Insurance - Egypt S.A.E.
Egypt’s Finance Ministry has signed the first Islamic conventional financing which aims at supporting Egypt's public budget and economy.
Bank Audi and First Abu Dhabi Bank (FAB) announced the signing of a definitive agreement for the acquisition by FAB of 100% of the share capital of Bank Audi sae, Bank Audi’s subsidiary in Egypt.
Through a new initiative, IFC will work with financial institutions in four countries to mobilize private sector financing for climate mitigation and adaptation projects and help align financial-sector strategies with the targets of the Paris Climate Agreement.
EFG Hermes, the financial services corporation in Frontier Emerging Markets (FEM), announced the successful closing of the first issuance in an EGP 6.5 billion securitization program for Amer Group, Porto Group, and Qasatli.
Temenos, the banking software company announced that Arab Investment Bank has selected Temenos to power its digital customer experience.
TradeTech innovator, Ovamba Solutions and financial services provider, Singularity Finance have partnered to deliver financial inclusion and growth capital to small and growing businesses in Egypt.
The European Bank for Reconstruction and Development (EBRD) is breaking fresh ground with a $12 million loan to Al Dau Al Haram for Hotel Operations for the regeneration of a brownfield site into a Hyatt Regency hotel in Egypt.
The European Investment Bank (EIB) is providing Banque Misr with a €425 million credit line to support Egyptian private small and medium-sized enterprises.
The European Investment Bank (EIB) and the Arab Republic of Egypt signed a €1.128 billion agreement to support investments in the rehabilitation and expansion of metro and tram systems in Alexandria and Cairo.
The European Bank for Reconstruction and Development (EBRD) is promoting the expansion of renewable energy in Egypt by supporting one of the first green private-to-private projects in the country, with an initial $4.2 million loan to TAQA PV for Solar Energy.
A cause des investissements limités, de nombreuses start-up du continent se retrouvent en difficulté de gestion. Cette solution égyptienne est une alternative intéressante pour les jeunes pousses du commerce électronique.
Juniper Biologics signs exclusive license agreement with Helsinn for infigratinib for the emerging markets
Juniper Biologics Pte Ltd, announced the signing of an exclusive license agreement to develop and commercialise infigratinib (INN) in the Middle East and Africa for the treatment of adults.
SDX Energy, the MENA-focused energy company, announced a gas discovery at the SD-12 East well that targeted a separate compartment in the Sobhi Field, within the Ibn Yunus North development lease.
SDX Energy, the MENA-focused energy company, announced the completion of the tie-in of the SD-5X Warda well (SDX Working Interest: 36.85%) to the CPF via the SD-4X flow-line approximately one month ahead of schedule.
Nevin Gamea, Minister of Trade and Industry announced that Egyptian non-oil exports amounted to about $9.17 billion during the Q1 of 2022.
Egyptian public transport solutions provider SWVL announced the acquisition of Volt Lines, a Turkish mobility and transport company.
Emerging market fintech unicorn OPay received preliminary approval from the Central Bank of Egypt (CBE), to partner with Masria Digital Payments (MDP), Egypt's largest card provider, to issue prepaid cards in Egypt.
Dover Fueling Solutions (DFS), announced it has expanded its agreement with Global Technical Services (GTS) to include the provision of its DX Wetstock management services, an end-to-end fuel management solution, to the Egyptian markets.
SDX Energy, the MENA-focused energy company, announced the spudding of the SD-12 East appraisal well, targeting additional reserves to the east of the SD-12X discovery well on the Sobhi field located in the Ibn Yunus North development lease.
Egypt’s listed auto dealer Ghabbour Auto (GB Auto) plans to establish a joint venture to assemble and distribute passenger vehicles in Kenya.
The use of mobile and fixed internet services increased by 68 and 39 percent respectively within a 24-hour-period in Ramadan 2022 compared to last Ramadan.
To support tech startups with access to finance and drive innovation and job creation primarily in Egypt, IFC announced an investment in the second fund from venture capital firm Algebra Ventures.
Eni announced new oil and gas discoveries in the Meleiha concessions, in Egypt’s Western Desert, for approximately 8,500 barrels/day of oil equivalent.
The Egyptian Natural Gas Holding Company (EGAS) and Eni, signed a framework agreement that will allow to maximize gas production and LNG exports, to promote Egyptian gas export to Europe, and specifically to Italy.
Egypt's Supply Ministry has confirmed that it is considering this month adding wheat from India to 16 other national import origins accepted by its state grains buyer.
ADQ Holding — one of Abu Dhabi’s sovereign funds — has acquired a stake in Egypt’s Commercial International Bank worth $911.457
Pylon, the infrastructure management platform transforming electricity and water companies in emerging markets, announces a $19 million seed funding round.
Following over a month of debates, Egypt's Senate approved on Monday a new government-drafted unified insurance law, which one MP described as necessary to cover a host of professions and services recently introduced into the insurance industry.
SDX Energy, the MENA-focused energy company, announced the spudding of the MSD-20 infill development well on the Meseda field.
Radisson Hotel announced the launch of the Group’s newest brand in Egypt with the opening of Marina Resort Port Ghalib, a member of Radisson Individuals. This brings the Group’s portfolio in Egypt to 8 hotels in operation and the first Radisson Individuals in Africa.
To support the growth of microbusinesses across Egypt, IFC and the Egyptian Medium, Small and Micro-Enterprise Finance Federation have launched a program to strengthen 41 of the country's microfinance institutions.
TGS, a global provider of energy data and intelligence, announced a new 3D seismic survey in the Red Sea, Egypt, in partnership with Schlumberger.
EgyptAir entered into a partnership agreement with ValU and Pay Tabs Egypt this week to provide payment solutions for airline tickets.
Swvl, the mass transit and shared mobility provider has officially been listed on the NASDAQ stock market in New York.
Avanz Capital Egypt has announced the establishment of Avanz Manara for Private Equity, Company Limited by Shares (Avanz Manara), an investment holding company established under the oversight of the Financial Regulatory Authority.
QatarEnergy enters agreement with ExxonMobil to acquire 40% interest in exploration block offshore Egypt
QatarEnergy announced it has entered into an agreement with ExxonMobil to acquire a working interest in an exploration block offshore Egypt.
Middle East’s AI-based digital health platform Altibbi, has raised $44 million in Series B fund funding led by Foundation Holdings, Hikma Ventures and existing investors Global Ventures and DASH Ventures.
The Journal of Visualized Experiments (JoVE), has announced a partnership with the Egyptian Knowledge Bank (EKB), to enable access to JoVE's library of over 14,000 videos in STEM subjects for Egyptian citizens.
Impacts of Ukraine conflict on food security already being felt in the Near East North Africa region
As the war continues to rage in Ukraine, impacts of rising food prices and shortages of staple crops are already being felt in the Near East and North Africa region and spreading to the world’s most vulnerable countries, including in the Horn of Africa, warns IFAD.
Egypt’s on-demand bus-hailing company Swvl has announced a new partnership with African fintech mobility startup Moove to scale Moove’s revenue-based vehicle financing model across the MENAP region.
The Central Bank of Egypt (CBE) has announced the official launch of the Instant Payment Network and “InstaPay” mobile application.
Cairo-headquartered e-sport startup has raised $3M Seed funding round, bringing the company’s total investment to date to $3.7M.
The United Oil & Gas company with a portfolio of production, development, exploration and appraisal assets, announced commencement of production from the ASD-2 development well in the Abu Sennan licence, onshore Egypt.
Cairo-headquartered daily fantasy football platform, Eksab has secured a $3M Seed funding round, led by 4DX Ventures with participation from Darwazah Capital, Golden Palm Investments, P1 Ventures, and a number of strategic angel investors.
Africa has in the past decade positioned itself as a knowledge economy, with one of the most robust startup ecosystems in the world.
Beyon Connect and Bahrain’s National Cyber Security Centre (NCSC) have signed an MoU that will see the NCSC adopt innovative digital identity and digital postbox solutions and services delivered by Beyon Connect.
Egypt Post and Bahrain’s Beyon Connect launch joint venture to adopt innovative digital postbox solutions and services
The National Egyptian Post (Egypt Post), and Bahrain’s Beyon Connect, signed a joint venture-agreement that will see the newly formed joint venture company adopt innovative digital postbox solutions and services.
Prime Minister Mostafa Madbouly has asserted that the partnership between Egypt and France is based on the important role both play in achieving development by doing business in joint projects.
Lucky, Egypt’s leading app for credit products, offers, and cashback rewards, has announced its $25 million fund Series A raise.
Egypt's Central Bank raised its key interest rate Monday for the first time since 2017, citing inflationary pressures triggered by the coronavirus pandemic and Russia's war in Ukraine, which hiked oil prices to new records.
Egypt's largest national banks Launch of Nclude by Global Ventures to accelerate Egypt’s Fintech innovation
Egypt's largest national banks - Banque Misr, National Bank of Egypt, and Banque du Caire – and Global Ventures, a leading MEA-focused venture capital firm - announce the launch of Nclude by Global Ventures, following approval by the Central Bank of Egypt (CBE).
IFC announced an investment in a new venture capital fund from Disruptech Ventures to support development in Egypt's fintech sector and help expand access to financial services in the country.
Banque Misr, one of Egypt's leading banks, launched a new program to support the country's entrepreneurs, particularly women entrepreneurs, with access to finance, mentorship, and the advice they need to help them grow and create jobs.
SDX Energy, the MENA-focused energy company, announced the commencement of oil production at the MSD-25 infill development well on the Meseda field in its West Gharib concession, Egypt.
The Central Bank of Egypt has said that remittances from Egyptian expatriates increased by about 6.4% or $1.9bn during 2021.
Head of the Apparel Export Council of Egypt, Marie Louise, revealed that garment exports recorded a remarkable growth in January 2022, with a 54% increase to reach $204m, compared to $132m in January 2021.
The European Bank for Reconstruction and Development (EBRD) is supporting the establishment of a new Sector Skills Council (SSC) in Egypt, a platform aiming at fostering more resilient and inclusive human capital in the hospitality and tourism.
valU, MENA’s leading Buy-Now, Pay-Later (BNPL) lifestyle enabling fintech platform, and noon.com, the Middle East’s leading e-commerce platform and online shopping destination, announced a partnership that will allow noon and valU’s users to take advantage of valU’s flexible installment plans through noon.
SDX Energy, the MENA-focused energy company, announced the spudding of the SD-5X exploration well, targeting the Warda prospect in the South Disouq development lease.
Strong operational performance has driven Telecom Egypt’s net profits to an annual increase of 74 percent during the year 2021.
Egypt’s banking system processed one billion electronic transactions in 2021 with a total value of EGP 2.8 trillion, according to Ayman Hussain, the sub-governor of the Central Bank of Egypt (CBE) for the Information Technology Sector.